April 24 (Reuters) - LNG Energy Group Corp ( LNGNF )

through a subsidiary has entered into a binding agreement with a

unit of Venezuelan national oil company Petroleos de Venezuela

S.A. (PDVSA) to develop and produce hydrocarbons in the country,

the Canadian energy company said on Wednesday.

LNGEG Growth I Corp, a wholly-owned subsidiary of LNG Energy

Group ( LNGNF ), was conditionally awarded two Productive Participation

Contracts (CPPs), which cover five onshore fields that are

currently producing approximately 3,000 bbl/d of oil.

The agreement was entered into on April 17 for the operation

of the Nipa-Nardo-Niebla and the Budare-Elotes CPPs in onshore

Venezuela.

LNGEG Growth I Corp will provide the required investment to

further develop the fields and will have a contractual

entitlement to between 50-56% of the hydrocarbon production from

the Venezuela blocks.